Guiding Your Charitable Journey: Insights for Informed and Impactful Giving
Published: Dec 15, 2023
In this video, Senior Financial Advisor Rob Beardmore from Hall Financial Advisors shares valuable insights on charitable giving during the holiday season. He emphasizes the importance of aligning with a charity's mission, assessing its financial health, and considering the impact of your donation.
Here's what Rob had to say:
"As we embrace on the holiday season, I always get clients asking me what to look for in a quality charity. So I decided to put together a couple of quick bullet points to have in your back pocket as you look for your giving this year and what truly makes up a quality charity."
What Charity Should I Donate to During the Holiday Season?
- Research Charity's Mission - Look for their goals, values and beliefs. Do they align with your family's goals, values and beliefs? In reality, you don't want to donate to a charity that doesn't align with where you think your money should be best spent.
- Assess the Charity's Financial Health - Sometimes this is tough to do with Hall Financial Advisor's local charities. However, you should still ask questions like "What are your expenses?" or "What's your revenue?" The money, product, or project needs to be getting into the hands of people who truly need; not just going to fund the people working the charity.
- Consider the Impact of Your Donation - What do you want the impact of your donation to be? Is this a global impact you're trying to accomplish? Is it a United States impact or do you want to keep it more local? A lot of charities specialize in certain regions. So depending on where you're trying to focus, truly dive into geographically where you want your money to be best spent. And then also ask yourself if you want this donation to be for a product or project. Oftentimes we typically think of a product, but there are also a lot of projects that charities are doing and building that might align with your goals, values and beliefs.
- Evaluate Potential Tax Benefits - There are some tax benefits in charitable giving. Work with your Certified Public Accountant (CPA) and see if maybe giving a charitable donation this year makes sense.
Hall Financial Advisors wish you a Merry Christmas and a Happy New Year. We look forward to working with you in 2024.
For more information on charitable giving advice, please call us at 866-865-4442.
1 The 2023 Forbes ranking of America’s Top Wealth Management Teams Best-In-State, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 4/1/2021 to 3/31/2022 and was released on 01/12/2023. Advisor teams that are considered must have one advisor with a minimum of seven years of experience, have been in existence as a team for at least one year, have at least 5 team members, and have been nominated by their firm. The algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criteria due to varying client objectives and lack of audited data. Out of approximately 8,000 team nominations, 2,860 advisor teams received the award based on thresholds. This ranking is not indicative of an advisor's future performance, is not an endorsement, and may not be representative of individual clients' experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes or Shook Research, LLC. Please see https://www.forbes.com/lists/list-directory/#470ac626b274 for more info.